To be eligible for an overdraft, you must meet the following criteria:
- You have to be 18 years of age or over.
- You must be a New Zealand citizen or permanent resident.
- You must have a good credit history – this means you haven't been declared bankrupt or you have no unpaid defaults or collections.
- You'll need your regular income to be credited into your Kiwibank account.
- You'll need to meet affordability requirements which relate to your income and expenses.
- You must have a stable employment history and be employed in New Zealand. If you’re a tertiary student, you need to be studying a recognised qualification or field of study.
We need to be comfortable that your financial situation can support an overdraft. As part of the application, you may need to provide proof of income and some details about your monthly expenses, assets and liabilities. Having this information handy can help speed the application process up. We’ll also do a credit check as part of the application process.
If you’re not certain whether you meet all of the above criteria including having a good credit history, give us a call on 0800 521 521 to discuss your situation.
If you have an overdraft and you're struggling to keep your head above water, get in touch to see if you qualify for financial hardship assistance.